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Michael Sloyan
“In Business It’s Who Knows You That Counts!”
The 10 Commandments of Business Start Up Survival 1. Any idea for a business is only any good if there are customers who want to buy your product or service now (or in the near future). Without this you do not have a viable business proposition. It sounds obvious, but be very sure there is a big enough market. 2. Only start if you are totally convinced of the financial viability of your product/service and are prepared to commit yourself totally to making it a success. 3. Only enter a market where you, or your team, have some experience and knowledge of the key market issues, e.g. how to obtain customers, pricing strategy, typical costs etc. 4. Always watch the cash, always have a contingency fund, always plan ahead and know how you could raise additional funds quickly if necessary. 5. Never forget your customers - continually check to ensure your product/service meets, if not surpasses, customer requirements, and is differentiated from the competition. Ask yourself every day: who are the customers, what do they want, and why will they buy from me? Never be over-reliant on a single customer or supplier. 6. Consider using a mentor, or appointing one or more non-executive directors, who can provide impartial advice together with industry knowledge and contacts. 7. Plan for delays, e.g. in supplies, customer orders, recruiting staff, obtaining a loan, etc. by incorporating a contingency. 8. If you plan to grow rapidly get the right team together as soon as appropriate. Note also that the top team will change with time, so do not assume any senior position is necessarily a job for life, especially if you are using other people's money! 9. Seek professional advice (i.e. legal, financial etc.) whenever necessary and appropriate. 10. When preparing your business plan recognise that entrepreneurs tend to be overly optimistic - so ensure your figures are realistic, and incorporate a sensitivity analysis.
Keep this document safe and read it again from time to time…it could save your business!
This guide is shared with you by Michael Sloyan
Web: www.michaelsloyan.com
Email: [email protected]
Twitter: @MichaelSloyan
